Just in case you haven’t listened to episode 7 of the podcast series, click >>>>HERE<<<<< to listen because it is a prerequisite ” How You Should Pay Yourself a Salary”
Okay, let’s get into the business of the day.
HOW YOU SHOULD PAY YOURSELF A SALARY AS AN ENTREPRENEUR?
Now that you have a clear understanding of why you need to pay yourself a salary, we then need to discuss how to pay yourself without feeling guilty.
Sometimes you might feel guilty that you had to take some money from your business. I am here to tell you you don’t need to feel that way provided it is your salary.
That’s why I shared some of the concepts I apply in my business.
Click the video below to listen
Instead of taking money from the business account each time you need some money, rather, you should have a payment structure that will help you know exactly how much company money is being paid to you every month.
Payment could be in form of cash or it could even a loan you are giving to the business. Just ensure you keep records of all you do. Let every penny the business owes you reflect in your records.
Consider your taxes, bills, your average spending as well as your employee’s salaries before you decide how much you should keep for yourself.
That being said, tell me which of these concepts you would love to begin with.
Business Nugget By Martwayne
A podcast series of short entrepreneurship tips that will help kickstart or grow your business and help you on your entrepreneurship journey. Each episode is created to help you turn your passion to profit and into a viable business.
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